First Solar has raked in $427.7 million following a capital increase in which it offered 9,747,000 shares of its common stock.
The thin film photovoltaic module manufacturer, which priced its shares at $46 for the public offer, received approximately $427.7 million in net proceeds after underwriting discounts and estimated offering expenses.
First Solar said it intends to use the cash infusion for general corporate purposes, which may include acquisitions of under development photovoltaic solar power system projects, investments in photovoltaic solar power system projects that will be jointly developed with strategic partners and capital expenditures or strategic investments to develop certain business units and expand in new territories.
The Arizona-based company enjoyed a strong first quarter this year, posting a net profit of $ 59.1 million, compared to a loss of $ 449.4 million in the same period last year, and saw revenues skyrocket 52% to $755 million, underscoring a successful transition from purely module manufacturing towards project development and integration.
Popular content
The group expects business to remain robust this year with sales of between $3.8 billion and $4 billion.
First Solar recently secured a power purchase agreement with El Paso Electric Power to develop a 50 MW solar plant in the U.S. state of New Mexico.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
Share
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.